President Barack Obama said Tuesday he supported boosting the amount of individual income subject to Social Security taxes. The President’s deficit commission has proposed raising the income cap on Social Security taxes.

President Barack Obama: “The point is, for the vast majority of Americans, every dime you earn, you’re paying some in Social Security. But for Warren Buffett, he stops paying at a little bit over $100,000, and then the next $50 billion he’s not paying a dime in Social Security taxes. So if we just made a little bit of an adjustment in terms of the cap on Social Security, that would do a significant amount to stabilize the system.”